Multibagger penny stock under Rs 85: This power generation company commissions 30 MW hydroelectric power project; bags new order worth Rs 1200 crore!

Shares of the company grew by more than 100 per cent in the last six months.

On November 24, 2023, SJVN Limited informed in the exchange filing that it had successfully commissioned the first 30 MW unit of its 60 MW Naitwar Mori Hydro Electric Project (NMHEP) in Uttarakhand. The project has been completed within six years despite the COVID-19 pandemic. The second unit is expected to be commissioned this month. The project will generate 265.5 million units of electricity annually and is a run-of-the-river project located on River Tons. The company has a mission of 12,000 MW installed capacity by 2026 and a shared vision of 50,000 MW by 2040.

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Recently, SJVN Ltd signed a Power Purchase Agreement (PPA) for a 200 MW Grid Connected Wind Power Project with SECI. The project will be developed by SGEL anywhere in India through an EPC contract. The project is expected to generate 482 million units in the first year after commissioning and 12,050 million units over 25 years. The project will be commissioned by November 2025. This capacity addition will strengthen the company's footprint in the renewable energy sector and help it achieve its goal of 12,000 MW by 2026 and 50,000 MW by 2040. The cost for development of this project is Rs 1,400 crores.

SJVN is engaged in the business of electricity generation. The company is also engaged in the business of providing consultancy for hydropower projects. The shares of the company have multibagger returns of about 240 per cent in the last three years and investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.